Portsmouth's administrators have revealed that they have received a fifth formal bid for the crisis club.

UK investment group Portco Ltd, headed up by Scottish businessman Harry Kerr, are said to made an offer for the League One outfit, BBC News reports.

The group has submitted bank statements to administrators PKF totalling £6.47m as proof they have the capital to fund a buyout.

However, former Portsmouth owner Balram Chainrai's firm Portpin and the Pompey Supporters' Trust are understood to be the firm favourites to acquire the club.

Another ex-Portsmouth owner Sulaiman Al Fahim, and former Watford owner Laurence Bassini have also had formal bids pass PKF's approval checks.

Portsmouth have been in financial turmoil since 2009. Since then, the club has suffered through two relegations and two spells of administration.